SPRING 2016 EDITION
Tax Developments for Entrepreneurs Francis Moriarty
ECONOMIC OUTLOOK: Is The USA About To Slip Into A Recession? Dr Constantin Gurdgiev
HOW TO QUALIFY FOR A MORTGAGE IN 2016 HOW CRASHING OIL PRICES AFFECT YOUR POCKET
IN THE SPOTLIGHT Mikey Sheehy
Meet The Team
Table of Contents Tax Developments for Entrepreneurs - Francis Moriarty .............. P3 Economic Outlook: Is The USA About To Slip Into A Recession? Dr Constantin Gurdgiev ............................................................................ P5 Business Briefs .............................................................................................. P8 How To Qualify for a Mortgage in 2016 .............................................. P10 4 Steps for Having a Productive Schedule ........................................ P12 How Crashing Oil Prices Affect Your Pocket ...................................... P13 Reasons to Hire A Recruitment Consultant ....................................... P15 5 Ways to Stretch Your Paycheck in 2016 ........................................... P17 7 Things You Need To Know About Employment in 2016 .............. P19 In the Spotlight - Mikey Sheehy ............................................................ P21 Meet The Team ............................................................................................ P22 Range of Services ....................................................................................... P24
Welcome to Peevers Slye Cotter's Newsletter As clients of our practice you will know that we are a very progressive firm and seek to keep up to date with advances in technology. However, in recent times we prioritised our efforts in assisting our clients deal with the difficult economic times we all faced. While the economy is still in difficulty, we see improvements and are now looking to use the advances in social media to assist our clients to advance with the recovering economy. Our first project is this new digital Newsletter for you, our clients. We hope to produce the newsletter on a quarterly basis and include articles that will be of interest to you and your business. We hope that this Newsletter will go far and wide and so may be viewed by many who are not clients of the practice. Those who are clients will know that our aim is to always provide you with a very professional service that will cater for your business needs and assist you in growing your business. In doing this, we invest in our people and nurture their ability to develop strong relationships with our clients. We are very proud of our team, some of whom we will introduce in this and subsequent newsletters. We hope you find the contents of this newsletter of interest and benefit to you and would appreciate any feedback you may have. Positive thought for this Newsletter “Opportunities don’t happen; you create them” …… - Chris Grosser
From all the team at Peevers Slye Cotter
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Tax Developments for Entrepreneurs Francis Moriarty, FCA, AITI - Director of Taxation, Peevers Slye Cotter
More than 20,000 started a new business in Ireland in 2014. This is positive news. However, it is interesting to note that this figure is down from the previous year, when 32,000 people set up a new business.
As a result of this consultation process, the recent Finance Act includes further improvements for entrepreneurs including: A 20% rate of CGT for entrepreneurs. An “earned income tax credit” of €550 for self-employed who cannot claim the PAYE tax credit. An extension of the corporation tax exemption for the first three years profits, for a further three years. New reliefs for farming succession. In this article, I would like to focus particularly on the CGT entrepreneur relief.
CGT Entrepreneur Relief In recent years, our nearest competitors in the UK have taken significant steps to reward their domestic entrepreneurs. In particular, they introduced an Entrepreneurs’ Relief, whereby entrepreneurs only pay a 10% rate of CGT on the disposal of their business, on gains of up to £10 million. The reality is that Ireland has been slipping down the rankings of early stage entrepreneurial activity across the EU. For example, Ireland fell from ninth place in 2013 to sixteenth place in 2014. The right policies and environment need to be in place in order to encourage entrepreneurship. These need to value domestic entrepreneurship and innovation just as much as foreign direct investment. We are constantly reminded that domestic SMEs account for the vast majority of jobs created in Ireland. Ireland is currently at a crossroads after the recent financial crisis. We must, as a country, grasp the opportunities available to encourage entrepreneurs. We must also level the playing field for entrepreneurs and the self-employed vis a vis employees. Only if we can do so, can the ambitious job targets set out for the country be met.
Following the consultation process referred to above, a similar scheme for Irish entrepreneurs was introduced in Finance Act 2015. The tax relief under the Irish scheme reduces the CGT rate from 33% to 20% on gains from the disposals of a business, up to a €1 million lifetime limit. A number of significant concerns were raised at the conditions imposed in the Finance Bill as first initiated. However, a number of those concerns were subsequently addressed. These changes are very welcome and it is to be hoped that this relief will be further improved in the coming years. In particular, as matters currently stand, the UK regime is far superior to the Irish relief. For example, as noted above, the UK cap on this relief is £10m, compared to only €1m in Ireland.
With this in mind, recent Government policy has been to encourage entrepreneurship. A number of tax measures were put in place in recent years, including corporation tax and income tax exemptions for profits arising in the first three years. In addition, the Government issued a National Policy Statement on Entrepreneurship, which has as its objective “to create a business environment – including the tax environment – in Ireland where it is easy to start up and grow”. In recognition of this, the Department of Finance issued a Public Consultation on Tax and Entrepreneurship in June 2015 which was responded to by many organisations.
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The following are some of the main conditions to claim the 20% CGT rate in Ireland:
Employment and Investment Incentive Scheme (EIIS)/Start-Up Refunds for Entrepreneurs (SURE)
The company must be engaged in carrying on a “qualifying business”. This covers most activities but does not extend to the holding of development land or investments.
The largest single issue facing entrepreneurs is that of raising the necessary finance. The right policies and environment referred to above must therefore also apply to this critical area. Both the promotors and outside investors should be encouraged to invest in new and developing businesses. Such people can be family, friends or “angel” investors, and can provide a business with much-needed funds during its early development. Steps have been taken over recent Finance Acts to enhance the incentives available to such investors.
An individual must be the owner of the business assets for a continuous period of not less than 3 years in the 5 years immediately prior to the disposal of the assets. In the case of the disposal of shares in a company, the individual claiming the relief must be an individual who is or has been a director or employee of the company (or companies in a qualifying group) and who spends at least 50% of their working time in a managerial or technical capacity for a continuous period of 3 years out of the last 5 years prior to the disposal. In addition, the individual must hold not less than 5% of the ordinary share capital in the company that is sold. Whilst the conditions above limit the application of the scheme to certain entrepreneurs, the small business owners that the minister appealed to in his Budget speech will welcome the reduction in CGT payable. The entrepreneurs’ relief should cover the disposal of Goodwill upon incorporation of a business. Although not specifically confirmed in the Finance Act, the relief should also apply to: Partners in a partnership. Share buy backs. Liquidations of trading companies.
For example the annual and lifetime investment limits in a company under EIIS are to be increased to €5 million and €15 million respectively. Income tax relief of up to 40% is available for both these reliefs. And, while the “red tape” associated with these reliefs shows no sign of reducing, they remain very important for both businesses and investors.
A lot done… more to do? As can be seen from the table below, the self-employed will benefit more from the Finance Act than employees by €550 per annum. However, there is still a considerable bridge to cross to achieve parity.
Net Pay on €150,000 Year
Employed
Self-Employed
Difference
2015
€83,616
€80,466
€3,150
2016
€84,518
€81,918
€2,600
Increase in Net Pay
€902
€1,452
€550
This table shows that self-employed are still being discriminated against. The additional tax payable by the self-employed for 2016 of €2,600 can be explained by: The difference between the earned income tax credit (€550) and PAYE tax credit (€1,650). The additional 3% USC which is still payable by self-employed individuals (only) on income in excess of €100,000. While the recent Finance Bill has therefore given cautious optimism for Ireland’s entrepreneurs, more is needed to be done. After all, it is the entrepreneur who takes the risks and they should be rewarded accordingly and, just as importantly, not discriminated against.
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Economic Outlook:
Is the US About to Slip into a Recession? Dr Constantin Gurdgiev In almost every sharp downshift in economic activity, and more frequently than that, in almost every economic recession, there are several regular predictors or leading indicators of tougher times ahead. These include sharp drops in corporate profits, and acceleration in yields on lower rated corporate bonds, usually followed by significant declines in industrial production indices and subsequent downward corrections in stock markets and services activities indices.
CHART 1: Non-Financial Corporate Profits and Nominal GDP Growth Rates, Percent per annum
While these sequences of events repeat with regularity, in many cases, forward signals of recessions can involve a slight variation in timing and permutations of these shocks. Another regularity that happens when it comes to business cycles is that, traditionally, the US leads Europe into the downturn. Trouble is, judging by all factors mentioned above, the US is currently heading into a recession. Fast. And with some vengeance. Source: Author's own calculations based on data from the Federal Reserve Bank
Chart above shows clear pattern of correlation between corporate profits growth rates and subsequent growth rate in nominal GDP. It also shows that US corporate profits growth rates have been on a declining trend since 3Q 2010.
The Bad News Let’s start with corporate profits. The latest data from the US Federal Reserve shows that year-on-year 3Q 2015 growth in corporate profits for non-financial corporations was sharply negative - at -4.26 percent. Furthermore, corporate profits growth slowed down from 7.72 percent in 1Q 2015 to 1.83 percent in 2Q 2015. The rate of decline in corporate profits growth in the US is now sharper than during the last GDP wobble in 1Q 2014 and sharper than in 3Q 2008. The latest growth figure also marks the fastest rate of decline in profits since 3Q 2009.
Meanwhile, corporate debt yields are shooting straight up. Added to this dynamic is another troublesome sign: yields volatility is also on the rise. In other words, the markets are not only nervous about individual issuers, but are appearing to be scared of the entire asset class. I wrote about this phenomena in previous newsletter, here. Behaviourally, international and US investors have been running for the hills for some time now, despite the extremely risk-supportive monetary policies not just by the Fed, but also by major carry trade-sustaining central banks (Bank of Japan and ECB). In normal conditions, carry trade drivers should moderate risk aversion effects. Except they are not doing so today. As noted in a recent research note by J.P. Morgan Cazenove in general, credit spreads lead equities and the former “are not giving a positive signal� to the latter (see: http://trueeconomics.blogspot.com/2016/01/24116-high-yield-bonds-flash-red-for.html). So that puts two recession-beaconing stars into a perfect alignment. What about the US Industrial Production? From over 2015, US industrial output posted declines, based on monthly growth rates,
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in ten months out of twelve, with December 2015 production levels down almost 2 percent on December 2014 peak. In annual growth terms, output growth rate started at a brisk 4.48 percent pace in January 2015 and ended the year with a contraction of 1.75 percent - the sharpest rate of decline since December 2009. That’s a swing of some 6.23 percentage points in 12 months. CHART 2: US Industrial Production Index Monthly growth rates, percent
2016-2017 for 6.3 percent and 6.0 percent, respectively. Even if trust Chinese official statistics, this represents a big drop. For example, 2015 has been the slowest year in terms of GDP growth in 25 years, and the fourth slowest in 36 years.
Source: Author's own calculations based on data from the Federal Reserve Bank
Like with corporate bonds and profits, some of this is down to a combination of commodities recession and Emerging Markets woes. The former is pretty apparent to all concerned. Between the start of 2014 and the end of 2015, the weighted average price of oil across three key grades (Brent, WTI and Fateh) fell 51.1 percent. Non-fuel commodities went down 21 percent.
But beyond these two factors, US output growth is also being pushed down by stronger Dollar and collapsing global trade. Global trade has been tracking the declining fortunes of global demand since 2012. Over the last four years, global trade volumes growth underperformed post-crisis average and historical average, pushing growth rates to their lowest readings for any decade on record. In line with this, Baltic Dry Index – the cost indicator for hiring cargo vessels to ship goods around the world – has been hitting historical lows almost on a daily basis since the second part of December 2015. All of the above factors, from falling profits, to falling production growth rates, to underlying commodities recession, global demand weaknesses and international currencies re-valuations, have undoubtedly contributed to falling equity prices. Since the start of 2016, some forty major equity markets around the world have entered bear territory. While on the corporate side of the US economy, oil and commodities prices recession has been a dominant driver for aggregate equities indices movements, underlying equity price swings are much broader currents. For example, equities sell-offs around the world did not concentrate on commodities producing sectors and companies, or on highly leveraged corporates alone. Instead, the bear markets have been broad.
The Good News Which brings us to last piece of a puzzle, yet to fall into its place: consumer demand. Or put into the above context – the good news bit.
The latter also was subject to my earlier contributions to this newsletter. To update you with the latest news, while Emerging Markets continued to contribute some 70 percent of overall global growth in 2015, the rate of growth in key BRICS economies (including Brazil, Russia, India, China and South Africa) has been tanking. Per latest IMF forecasts, released earlier this month, Emerging Markets are still expected to grow by 4.3 and 4.7 percent in 2016 and 2017. However, this puts their growth rates below the 2011-2014 average of 5.3 percent and the 2000-2007 average of 6.5 percent. Amongst the BRICS, all but China and India are either already in a recession or one quarter away from a recession. China is expected to post official growth of 6.9 percent in 2015, with forecast for
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Falling equity and bond prices, as well as rising retail interest rates are capable of triggering - if sustained over time - drops in consumer confidence, followed by households’ pulling back from consumption and investment. So far, stronger dollar (improving US consumers’ purchasing power), lower energy prices (improving their disposable incomes) and falling unemployment (improving household pre-tax incomes) have sustained consumer confidence at healthy levels. CHART 3: Index of the US Consumer Sentiment
The Latest Official Forecasts This is precisely why despite the leading indicators flashing bright warning signs of the potential incoming recession, the IMF continues to forecast rather robust – by comparatives to the Euro area, UK and Japan – for the US in 2016 and 2017. Per January update to its forecasts, the IMF now expects US economy to grow at 2.6 percent in both 2016 and 2017. This comes against the Fund forecast for 2.2 percent growth in 2016 and 2017 in the UK, 1.7 percent real growth in the Euro area over the same period, and 1 percent and 0.3 percent growth in Japan in 2016 and 2017, respectively. However, IMF’s latest forecast represents a sizable downgrade for the US compared to previous forecasts. Thus, compared to October 2015 outlook, IMF expectations for US economic expansion are now 0.2 percentages lower for both 2016 and 2017. Still, IMF references the US as one of the four core risks to its global outlook for 2016. Specifically, the IMF cites the risk arising from “tighter global financing conditions as the United States exits from extraordinarily accommodative monetary policy”.
However, current levels of consumer confidence are barely touching pre-crisis averages and have declined since local peak in January 2015 through 3Q 2015. There is no crisis at the moment, but given the strength of household finances, 2015 index performance was hardly spectacular.
This risk, along side growing uncertainty about overall health of the US economy, are material factors for Irish and European markets and investors. Ireland benefited significantly from the US recovery and subsequent devaluation of the Euro vis-à-vis the US dollar. These factors underpinned our exports of goods to the US and Canada rising by EUR6.85 billion for the first eleven months of 2015 compared to the same period in 2012. This growth is more than double the rate of expansion in our trade in goods with the EU (including the UK). From Irish investors’ perspective, our domestic assets performance – across both equities and bonds – owes a lot to the resilience of the US economy. Likewise, our investors’ access to diversified portfolios of internationally-listed and traded assets cannot be imagined absent the US equity and debt markets.
Whatever resilience we do see in consumer surveys, it is most likely underpinned by the positive jobs prints. Based on historical figures, over each recessionary episode in the US history since the end of the World War II, employment was one of the key casualties, declining with every recession by at least 1 percentage point. US added 2.597 million new private sector jobs over the course of 2015 and average weekly earnings are rising in both goods-producing and services-providing sectors.
All of this is currently at risk when it comes to the US economic and markets performance forward. And more ominously, our own European economic and investment fortunes are tied closely to the North American economies. Whenever you hear any political leader – be it Enda Kenny or Jean-Claude Juncker – extoling the virtues of Ireland’s or Europe’s firewalls against international shocks, remember the old adage: when America sneezes, Europe catches the cold.
Source: University of Michigan
Dr. Constantin Gurdgiev is the Adjunct Assistant Professor of Finance with Trinity College, Dublin, and serves as a co-Founder and a Director of the Irish Mortgage Holders Organization, Ltd and the Chairman of Ireland Russia Business Association. He holds non-executive appointment on the Investment Committee of Heinz Global Asset Management, LLC (US). In the past, Dr. Gurdgiev served as the Head of Research with St Columbanus AG (Switzerland), the Head of Macroeconomics with the Institute for Business Value, IBM, Director of Research with NCB Stockbrokers, Ltd, and Group Editor and Director of Business & Finance Publications. He also held a non-executive appointment on the Investment Committee of GoldCore, Ltd (Ireland) and Sierra Nevada College (US). Born in Moscow, Russia, Dr. Gurdgiev was educated in the University of California, Los Angeles, University of Chicago, Johns Hopkins University and Trinity College, Dublin.
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BIZ BRIEFS
Facebook data centre to generate 2,000 construction jobs Facebook has confirmed it will proceed with the construction of a new data centre in Co Meath. The €200 million centre, which is planned for a site in Clonee, Co Meath, is due to start construction in the next couple of months and will come online by early 2018 at the latest. The company intends to build an initial 31,000sq m facility on the site, with planning permission for a second building already granted. The project is expected to support about 2,000 jobs during the construction phase and it is estimated that there will be approximately 150 jobs on offer when completed. Meath County Council has welcomed the announcement that Facebook will begin building a €200 million data centre near Clonee, Co Meath, in the next couple of months. Meath County Council granted planning permission for the centre in July 2015 and, following an unsuccessful appeal to An Bord Pleanala by local residents in October, Facebook has
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decided to proceed with construction. Facebook CEO Mark Zuckerberg said: “Clonee Data Center will be one of the most advanced and energy efficient data centres in the world. It will feature the latest server, storage and network designs developed through the Open Compute Project, and will be powered by 100 per cent renewable energy.”
Enterprise Ireland considers jobs target revision after record year Enterprise Ireland is considering revising its employment growth targets due to the economic recovery after client companies created a record number of new jobs last year. The State body previously set a target of creating 40,000 jobs between 2014 and the end of 2016. However, chief executive Julie Sinnamon has said that the organisation’s board was in the process of deciding whether to amend this year’s target of 14,300 jobs, based onstrong economic growth.
New figures show some 10,000 additional jobs were created by Enterprise Ireland-backed companies last year, the best performance by Irish exporting companies in several decades. Almost two thirds of the new jobs created were outside Dublin and all of the regions recorded increases in full-time employment over the period. Minister for Jobs Richard Bruton welcomed the new figures, describing it as a watershed moment. Mr Bruton said the latest figures were even more remarkable given that between 2000 and 2012, there were only three years in which there were additional net jobs created by Enterprise Ireland-backed companies. Start-up companies accounted for over two thirds of all new jobs created in Ireland last year. Over 200 early stage companies were approved for investment by the State body during the year. EI also supported a further 500 start-up companies through the Local Enterprise Offices (LEOs). There were 15 investments in companies established in Ireland by overseas entrepreneurs in 2015, while 61 of the start-up companies EI invested in were led by female entrepreneurs. 2015 also marked the lowest level of job losses since 2000.
Enterprise Ireland signs deal with European Space Agency to develop Irish centre Enterprise Ireland has signed an agreement with the European Space Agency (ESA) to develop a Space Business Incubation Centre in Ireland. The Space business incubator will have the objective of supporting 25 start-up companies in space-related technologies over the next five years. There are currently over 45 Irish companies working with the ESA in the development of highly innovative technologies for the global market in space systems and space related services and applications. This number is growing by an average of five companies per year. An Taoiseach, Enda Kenny said the partnership “will mean that Irish businesses and their innovators will be at the frontier of new space technologies. The Government's annual investment in the ESA is supporting strong growth in the sector in Ireland, generating annual revenues estimated at €76m in 2015. This investment has also resulted in the creation of 600 high-value technology jobs in Irish industry, projected to double by 2020. Enterprise Ireland said the arrangement will also support its client companies, who are developing new and innovative technologies for the European Space Programme and the global space market, in areas such as advanced materials, microelectronics, avionics and space related services. The exact timeframe for the new Dublin Incubator has yet to be confirmed.
Ireland bets €28m on tools to turn science ideas into jobs The Government is to invest €28.8m in research infrastructure, including equipment and facilities for Science Foundation Ireland. Some 21 projects to give researchers the edge in areas ranging from big data to internet of things, marine energy, pharmaceuticals, manufacturing and health will be supported. The investment goals were revealed just a month after the Irish Government published its science strategy Innovation 2020. The Government said it is to invest in research infrastructure for 21 projects to support the progression of exemplary Irish science in areas including manufacturing, big data, wireless networks, natural resources, internet of things, geo-sciences, nanomaterials, marine renewable energy and animal and human health. The CEO of SFI and the Government’s Chief Science Adviser Mark Ferguson said that Ireland is increasingly becoming the location of choice for multinational companies to develop and test tomorrow’s technologies. The aim of the investment is that the new infrastructure will ensure that Irish researchers continue to be internationally competitive, with access to modern equipment and facilities that will enable them to be successful in securing future funding from leading companies and Europe, including Horizon 2020.
Irish tax system ranks as most effective for paying business taxes in EU, PwC study finds The study, conducted jointly by professional services firm PwC and the World Bank Group, found that Ireland’s tax system ranks as the most effective in the EU for paying business taxes, and the sixth most effective in the world. It listed Ireland, Denmark, Norway, the UK and Finland, in that order, as the top five ranking countries in the EU. The top worldwide economies for ease of paying taxes are Qatar and the United Arab Emirates (in joint-first place), Saudi Arabia, Hong Kong, Singapore and Ireland. The report, which compared tax regimes across 189 economies, shows that, on average, a medium-sized company in Ireland will pay a total of 25.9 per cent of its profits in taxes. The taxes include property taxes, capital gains tax, financial transactions tax, waste collection taxes, vehicle and road taxes, and small taxes such as fuel taxes. The report also examines the administrative burden of paying taxes and mandatory contributions. A medium-sized company in Ireland would need 82 hours per year to comply with its obligations. This compares to an EU average of 173 hours. PwC Ireland’s head of tax Joe Tynan said the report confirms that Ireland is competitive on corporate taxes but also on the costs of employing people. “Ireland places a comparatively reasonable tax burden on employment. This will be important as international companies decide where to locate key international centres.”
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HOW TO QUALIFY FOR A MORTGAGE IN 2016 Credit regulators are making it difficult to qualify for mortgages these days. In February 2015, The Central Bank introduced new lending regulations that are strict, to say the least, and are capped by a number of factors, namely: 1. 3.5 times your gross salary. 2. 90% loan to value (LTV) maximum when lending up to a €220,000 purchase price, and 80% of the difference above this value. The maximum borrowing on a €300,000 home is €262,000, which is 87% of the LTV. An 80% loan to value percentage applies for non-first time buyers. 3. The following exemptions may apply: The bank may exceed the 3.5 times salary in up to 20% of their total mortgages in one year. Banks can exceed the LTV criteria in up to 15% of their total mortgages per year. Exemption applications are assessed on a case-by-case basis, and one client may only qualify for one exemption. As a result of these changes, mortgage lending was reduced to €4 billion last year, when it should have been double that amount, based on the recovery of the Irish economy over the past two years and the next three years' forecasts. New home sales are down, and builders are not confident in building new homes, as they fear that buyers' mortgages won't be approved. Due to the changes, property prices have stabilised. Roy Keane has a wise philosophy, which could be applied to preparing for mortgage applications. If you fail to plan, you plan to fail. Prospective home buyers should consider this sage advice when applying for a mortgage. Banks consider the following core factors when reviewing mortgage applications:
1. Employment Records
3. Evidence of Savings
Banks will want to know who your employer is and how long you have worked at the company. You must have completed any probation periods and be permanently employed. Self-employed individuals must provide a minimum of two years' accounts. Contractors in the education, health and IT sectors must provide an employment record of the last 2-3 years that proves that there has been no significant break in employment. A letter of comfort from employers that confirms future employment is a must. A case-by-case assessment applies to people working outside of these industries.
2. Evidence of Ability to Repay Mortgage applicants must be able to prove that they are either saving or paying rent that equals the mortgage repayments. This capacity is stress tested at interest rates ranging from 5-6.5%, although borrowers' repayments will actually carry a 3.6-4.5% interest rate. Basically, home buyers wishing to qualify for a 30-year mortgage of €250,000, must be able to demonstrate that they can repay €1,580 per month, although actual repayments will be an average of € 1,194 per month.
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Monthly savings in a separate bank account must be clearly evident, totalling 5% of the purchase price. You should save the same amount monthly, and never withdraw money from the savings account. It doesn't matter which bank you choose to save with, and it needn't be the bank where you apply for your mortgage.
4. Net Disposable Income (NDI) Once you have passed the above test, you must still maintain a minimum net income after the deduction of the stressed repayments. The following net disposable incomes are required:
Single person: €1,100 to €1,300 per month Couple: €2,000 Couple with children: €2,000 plus €250 per child.
5. Credit Cards If you have a credit card, do not spend more than you earn, and be sure to clear the entire balance every month, rather than just paying the minimum payment. Do not overspend, but stay within your means.
8. Life Cover You must have mortgage protection cover that is approved by the major insurance companies before signing a mortgage contract to buy a home. The bank may refuse to approve your mortgage if you are unable to obtain life cover.
6. Current Account Profile The bank will scrutinise your current account carefully, analysing each of your transactions for the last six months. You may pass all the criteria laid out, but if your current account is unhealthy, you are bound to be declined. If you are not declined outright, they may recommend that you wait six months, in which you should make every effort to rehabilitate your account. Avoid the following by all means: Unpaid debts. Regular referral fees, Being in overdraft before your salary is paid, Paying your rent in cash, Living above your means, Debts to online gambling companies.
7. Loans If you have any other loans, such as car loans or personal loans, be sure to pay it monthly on time.
9. Additional Costs Budget for the following costs before applying for your mortgage: Stamp Duty - 1% of the purchase price Solicitors' Fees - 0.5% + VAT Structural Survey - approximately €400 Valuation Fee - €150 Mortgage brokers have become very focused on preparing mortgage applicants upfront before submitting their mortgage applications. Instead of rushing ahead and applying, ensure that your business is in order for at least 6 months.
Ireland remains fastest-growing economy in Europe Ireland has retained its status as the European Union’s fastest-growing economy, according to European Commission forecasts published this recently. The Commission’s triannual analysis of the EU’s 28 economies predicts that Irish Gross Domestic Product (GDP) will grow by 4.5 per cent this year, before slowing to 3.5 per cent in 2017. Following growth of 6.9 per cent in 2015, Ireland continues to be the fastest-growing economy in Europe. The projected growth rate of 4.5 per cent in 2016 leaves Ireland just ahead of Malta and Luxembourg in terms of GDP growth, with 1.8 per cent growth forecast in the Euro zone’s largest economy, Germany, 1.3 per cent for France, and 2.1 per cent in Britain. Ireland was one of the few EU economies to see its forecasts unchanged since November. Germany, France and Italy are all predicted to fare worse than forecast three months ago, due to a slowdown in China and volatility in world markets, despite the boost from low oil prices. The European Commission expects Irish unemployment levels, which came in at 9.4 per cent in 2015 to continue to fall to 8.5 per cent this year and 7.8 per cent in 2017. The analysis notes that domestic demand is now driving GDP growth, adding that domestic demand could surprise on the upside if government policies to boost construction are successful.
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4 Steps
for Having a Productive Schedule
Many people find it hard to return to productivity after the holidays, especially since it comes down to one thing: saying no to fun. We multi-task, but try as we might, there's just no simple way to fit more productivity into our days. If it feels like the only way to be more productive is adding more hours to your day, and you truly want to be more productive, learning to say no will go a long way to help. Do you lack the strength to say no? Take a look at the self-assessment questions below to find out how you can stay focused:
1. What is expected of you?
2. What is the cost of the opportunity? Have you ever said yes to something, because you expected to be free at the time, but later had to cancel because a paid offer came along? Having to turn something down after you have already said yes, is emotionally awkward and perceived by some as 'flakey'. Consider saying no upfront in the future in order to leave yourself open to receive better opportunities.
Assess the task in its entirety - the actual commitment, the planning or preparation, travel time, follow up. Consider the return on your investment in time or money, or the lack thereof. Once you have a very clear view of the commitment, you can decide whether it is something you want to take on.
3. Have you considered your career priorities? A carefully laid-out professional plan can help you stay on track with your most important priorities and overall career path. Consider your priorities before jumping at every new opportunity that presents itself.
4. What are the emotional and physical costs? Look further than just money or professional goals when a good opportunity rolls around. You must also consider your physical and emotional health. Mental and physical stress can hamper your ability to achieve your ultimate goals. Instead, say no to some opportunities in order to maintain your good health for the best opportunities. It feels terrible to say no to good opportunities, but saying no can help you achieve the highest levels of productivity and focus to help you achieve the best outcome.
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How Crashing Oil Prices Affect Your Pocket Oil prices are expected to plummet as low as $10 in 2016. How does it affect you? Until recently, economists spoke about Peak Oil and the risks we would face as fossil fuels dried up. However, thanks to technological advancements, production methods improved and we gained access to oil that was previously inaccessible. A glut in supply resulted in a temporary mute on discussions of Peak Oil. A glut in supply is a controversial topic, with economic and environmental repercussions that are valiantly defended from both sides, based on their level of innovation and forward-thinking.
fuel prices in recent months, many of us would like to see it come down a lot more. The average petrol price is €1.25 and Pumps.ie shows that some garages sell it for under €1.20. According to the AA, we paid €1.70 in late 2012. With the average car doing approximately 19,000km per year. If it consumes fuel at 9.5 litres per 100km, the car will consume 1,800 litres per year. Based on these figures, the average Irish driver will save €810 more on petrol in 2016 than would have been the case in 2012.
When crude oil reached $147 (€136) a barrel in 2008, speculation was rife as to what would happen if it hit $200 a barrel. However, Lehman Brothers crashed, along with the global economy, as oil prices continued to plummet to all-time lows.
2. More Spending Money
The plummet is ascribed to a global oversupply, as well as to a drastic economic plateau in China. The slow performance of countries that usually consume high volumes of oil is another contributing factor to the oil price that has achieved its lowest level since 2003.
With €810 in petrol savings, we will have much more spending power that will boost the wider economy. This should make up for the increased spending leading up to Christmas. With approximately 2 million private cars on our roads, each saving €800, there should result in a €1.5 billion net transfer of wealth by this time next year.
3. Improved Economy All of the above might have been more exciting, if it weren't for taxes and the exchange rates. We buy oil in US dollars, which means that Irish prices depend on how well the euro performs against the dollar and that has not been great in recent times. Investors put their money into safe havens, such as the dollar, when the oil price falls. This has helped the US currency to become stronger. In the past 18 months, the euro lost approximately 20% of its value against the US dollar, which has prevented petrol prices from dropping as low as they could have.
By mid-January, crude oil prices continued on a downward spiral, dropping by nearly 20% since the beginning of 2016 as economists scramble to try explain it all and adjust their forecasts accordingly. Case in point, Barclays had to drastically adjust their 2016 forecasts to $37, which is significantly lower than their initial predictions of $56 to $60 a barrel, while Standard Chartered's experts predicted that oil prices could go to a low of $10 a barrel.
What does the price of oil hold in store for Irish consumers?
Since October 2008, when an emergency budget was instituted, we have seen five fuel tax increases, which have not helped matters, as fuel has increased by around 20 cents a litre. Fuel excise duties are levied on a per-litre basis, rather than as a percentage of the total price, so even when the petrol price goes down, we pay the same amount of tax. We pay 23% VAT on non-tax fuel prices, and this falls along with other price drops. At the end of the day, approximately 91 cents out of every litre of petrol goes towards tax, while the remaining balance of around 30 cents, pays for everything else.
4. Lower Inflation
1. Diesel and Petrol Prices
Most people talk about the benefits of lower petrol prices being a major benefit of plummeting oil prices, but it really benefits the entire economy. Paying lower oil prices has contributed to Ireland's economic recovery and 7% growth in a time marked by historically low inflation. As an oil importer, lower prices help reduce costs for businesses and consumers alike.
The most obvious way in which we will be affected, will be when we fill up our cars. While we have seen some significantly falling
The only downside is that plummeting oil prices could result in deflation across Europe, and that will impact future growth.
Exactly how will we be affected if the oil price continues to fall? Let's take a look at what to expect.
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5. Falling Gas & Electricity Prices
8. Cheaper Travel
In recent months, we have paid less for energy, although prices have not dropped at the same speed as fuel prices. Energy companies have been quick to let consumers know about their recent price cuts. However, the average household has only seen a reduction of about €50 a year, which amounts to an approximate decline of only about 5%. Of course, every cent helps, but when you consider the reductions in raw material costs, you would be justified in expecting more savings.
Ultimately, air fare should becoming cheaper. This has not yet been evident, as airlines claim that they buy their fuel far in advance, resulting in a time lapse in passing on the savings to their passengers. Fact remains that the oil price has been sustained at a lower rate for over a year now, which suggests that airlines have failed to drop the prices, and with a strong demands for seats, it is unlikely that they would drop the fares, even though they are more than able to do so. Alex White, Minister for Energy, discussed the speed of wholesale energy price reductions reflecting in savings on household bills, but there was no significant change. This, too, is expected, as prices are not being regulated, so there is not much more that can be done about it.
6. The Flipside of Falling Oil Prices
9. Cheaper Food The agricultural industry relies on energy for everything from managing poultry production to managing the dairy and ploughing the fields. When oil prices are low, farmers are able to pass the saving on to consumers by providing cheaper food, once the supermarkets have claimed their share.
There's a downside to falling oil prices that bring us more money; cheaper oil offers little incentive for people to find more natural alternatives to fossil fuels. When oil prices spiked in the 1970s, developed countries faced massive economic disruptions, particularly in the US. Research on energy savings was all the rage, and ten years later, clean energy alternatives started paying off. Energy efficient solutions for electricity and cars were introduced and everyone enjoyed the benefits. Unfortunately, low oil prices removes the incentive to developer cheaper alternatives, and research stops. The next generation will feel the ripple-effects.
7. Reduced Incentive to Develop Oil and Gas Fields The upsurge in oil supply in global markets could partly be attributed to a dramatic increase in the production of shale oil in America, and this is a costly exercise. Producers require oil prices to be higher than $60 a barrel. However, when the oil price is much lower than that, shale oil production becomes less attractive. If there is no longer an incentive to develop oil and gas fields, R&D will inevitably reduce, leading to costs when the oil price rebounds.
10. Carbon Emissions Increase Cheap oil encourages car buyers to opt for gas-guzzling SUVs, rather than smaller, fuel-efficient cars. This causes an increase in carbon emissions.
Irish Stock Exchange hails ‘exceptional’ 2015 The Irish Stock Exchange (ISE) enjoyed a successful 2015 which saw four major flotations and a 30% rise in the ISEQ. More than 5.5m equity trades were carried out on the ISE’s main securities and enterprise securities market during a record year. Life sciences company, Malin Corporation’s €330m IPO was the biggest of the year and one of the largest in its sector ever to take place in Europe. Other companies included petrol and forecourt retailer, Applegreen, which raised €70m and Hostelworld’s €180m IPO. ISE chief executive, Deirdre Somers said: “2015 was an exceptional year for the ISE. The number of securities listed on our markets rose by 6% and we consolidated our position as the number one provider of listing services to debt and investment fund issuers around the globe. Trading levels were up across equity and Irish Government bond markets and the ISE continues to be the dominant pool of trading in Irish shares.”
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6 Reasons to Partner With a Recruitment Agency Consulting costs are one of the major push factors when small and medium enterprises consider hiring recruitment consultants to fulfill their staffing needs. Considering the benefits of making use of professional staffing solutions, the investment of a recruitment fee makes good sense, compared to the drain on resources, and the reputational and financial impact of a bad hire when the process is handled in-house. With this in mind, let's take a look at the 6 main benefits of hiring a recruitment consultant to fill your vacancies:
1. Saving time and money Let's face it, the recruitment process can be cumbersome and costly - both in time and money when you consider the tedium ranging from headcount requirement assessment, job specifications to advertising the position, and filtering CVs. That is followed by screening potential candidates, scheduling and holding interviews and the enviable task of notifying the unsuccessful applicants. Following this procedure to the letter is no guarantee that you will find the right candidate. Hand the task over to someone who knows what they are doing and who has industry experience to match. relevant experience and skills. However, recruitment agencies have sizable databases of suitable candidates at their disposal, and they are generally all ready to make a quick career transition. Recruitment agencies do stringent assessments as part of the recruitment process, including assessing behavioral, technical and educational assessments. At the same time, they will have a clear understanding of the role the company seeks, and how that matches the candidate's career ambitions in order to save time that might otherwise be wasted on the wrong candidates.
4. They know how to hire candidates with the best fit 2. Consultants have in-depth industry knowledge Many industries have access to specialist recruitment agents who have worked in the industry and understand it completely. Partnering with a specialist recruitment consultant means that you benefit from someone with industry-specific knowledge and a good grip on the latest required skillsets, salary levels and market trends.
3. Consultants have access to a network of strong candidates When you're looking to recruit a new employee, it is likely that you don't have an extensive network of qualified candidates with
When you find a good recruitment consultancy firm, you will benefit from professionals who will make an effort to gain in-depth knowledge about your company, its history, the company culture and previous good hires. They will visit your company to meet your team, and they will build a strong company profile that appeals to prospective employees. In doing so, they help narrow down the search by establishing whether a candidate is the best fit for your company.
5. A recruitment professional is the perfect business partner Recruitment agencies may excel at finding the most suitable talent for your business, but that's not their sole function. Many agencies use their vast industry knowledge and experience to
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advise clients on issues ranging from appraisal writing, to employee engagement practices and human resources. Some recruitment agencies also offer recruitment coaching for managers who are not in HR.
6. Personnel agencies create a streamlined recruitment process As specialists in their field, recruitment agencies are employed for the purpose of removing the hassle out of employing new talent. They handle each step of the recruitment process, creating a smooth and efficient system for scheduling interviews, exchanging contracts, handling unsuccessful applicants and helping your new employees to adapt well to the new working environment.
One of the main advantages of dealing with a recruitment agency, is that there is a single point of contact throughout the entire process, making it easier than ever to hire new employees.
Irish M&A activity jumps to seven-year high in 2015 Irish mergers and acquisitions (M&A) reached a seven-year high in 2015, according to new figures published by Experian. It says the overall number of M&A deals carried out here rose by 10 per cent last year, from 416 to 458, the strongest performance seen since 2008. The total value of transactions more than doubled from €154 billion to €312 billion in 2015 making it the most valuable year for corporate deal making in Ireland. Not surprisingly, pharmaceutical and biotech-led deals accounted for the lion’s share of transactions recorded in 2015. Overall, the number of deals in the sector worth over €1 billion, jumped from nine in 2014 to 19 last year with the value of such transactions rising from €132 billion to €283 billion. The biggest deal last year in Ireland was Pfizer’s €143.5 billion takeover of Allergan. The deal, which was widely criticised in the US, sees Pfizer moving it corporate headquarters to Dublin in a move that will cut its tax bill in the United States. Irish M&A deals accounted for just 3.6 per cent of all European transactions but for 20.5 per cent of their total value in 2015. This compares to just 12.7 per cent of value for a similar percentage of deals a year earlier.
Irish business confidence at 9-year high Confidence amongst Irish businesses is at a nine-year high, according to a new survey by KBC Bank Ireland and Chartered Accountants Ireland. Respondents to its latest Business Sentiment Survey reported stronger activity levels as well as increased optimism about the strength of the country's economy. Domestic demand is seen to have risen significantly, while manufacturing activity is also up - but at a slower pace of growth than before. The majority of firms surveyed did not appear to be too worried about a potential British exit from the European Union, with 54% saying they did not see such an outcome having a direct impact on their business. However, many did fear the uncertainty it could create. Also worrying businesses were rising costs during last year, while 80% of respondents expect wages to rise in the months ahead.
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5 Ways The new year holds a few bonuses for people who: • • • •
pay income taxes, have children, receive state pensions, or earn minimum wages.
to Stretch Your Pay Cheque in 2016 While it seems minimal to some, many pensioners have welcomed the proposed weekly increase of €3 on their state pensions. After all, it will give them an additional €156 per week. Couples with two pension earners will see double the benefits, as each pensioner will now be receiving €233.30 per month in state pensions.
If the above applies to you, here are some of the changes that were announced with the October 2015 Budget.
Qualified pensioners under the age of 66 will receive an additional €2 per week, while those over the age of 66 will receive an extra €2.70.
Income Tax Payers
Parents Parents will receive several benefits this year:
The one major change to the Budget was the universal social charge (USC) rate cut, which saw those earning over €13,000 benefitting from the cut, while those with incomes over and above €70,044 are still liable for the higher USC rate. This higher rate of 8% is payable for the income exceeding the €70,044 level.
1. The child benefit will be increasing by €5 per child, taking the income up to a monthly €140 per child. 2. Parents with toddlers under the age of four, will receive free pre-schooling from September. In order to qualify for this additional year, children must be at least 3 years and 2 months by September 1. 3. Couples planning to become a family in 2016 will welcome the introduction of paternity leave, which will see fathers receiving €230 for two weeks. This new measure will come into effect on September 1, and applies to births thereafter. 4. Free GP care, which has been hugely beneficial for children under the age of 6, has been extended to all children up to the age of 12. This is a pending change which is currently being negotiated with the Irish Medical Organisation.
Single individuals earning €30,000 per year, will save €302 over the year, while married couples with one spouse earning in excess of €100,00 per annum, will save €902. Married couples with both spouses working, and a combined income of €150,000 will save €1,804 in 2016.
Seniors Over 66 Years of Age People Earning Minimum Wages As of the first of January, minimum hourly wage earners now recieve an extra 50c, which increases the minimum wage from €8.65 to €9.15. Approximately 124, 000 workers will benefit from this increase. If you're currently working 39 hours a week, your wages will increase from €337.35 to €357 a week. This will give you an additional €75 a month. It is expected that employers will be pressurised to offer employees
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more than the minimum wage. This positive trend was set in motion by Lidl and Aldi; these two supermarkets started offering their Irish staff a living wage rather than the minimum wage. Aldi staff will start earning €11.50 from February, while Lidl already increased their rate in November 2015.
Although a large percentage of revenues from petrol at the pumps go to Exchequer, softening oil prices could still benefit Irish drivers.
Motorists While this is not a direct income source, it will save you money in 2016, bringing welcome relief for most Irish citizens. According to economists, there is no significant expected recovery on the cards for oil prices. Falling oil prices are keeping a lid on inflation in 2016. Goldman Sachs recently forecasted that oil could well plummet to $20 a barrel due to oversupply.
Jobs action plan aims Nine out of 10 Hotels to create 50,000 jobs Increased Business this year in 2015 The plan aims to create 200,000 jobs by 2020, bringing employment to 2.18 million The government has launched its Action Plan for Jobs 2016, its fifth annual jobs plan, aimed at creating 50,000 jobs this year and 200,000 extra jobs by 2020. This would bring the total number of people at work to 2.18 million. The plan outlines 304 actions to be implemented this year by 16 government departments and more than 60 agencies. “Since the first action plan was launched more than 135,000 extra people are at work, hitting our target 21 months ahead of schedule,” Jobs Minister Richard Bruton said at the launch. “Now it is time to move on to the next phase, to lift our ambitions and to use this structure to deliver on higher targets.” Among the targets set by the plan are a doubling of the intellectual property outputs from business while all government transactions with business should be available online by 2017, a move which will affect 185,000 businesses across the country. Funding of €530 million will be used to support regional jobs growth, a single government web portal will be launched to highlight job opportunities to returning emigrants while there will be a new national skills strategy. The plan also sets a target of 13,000 new jobs in Enterprise Ireland-backed companies this year and 16,000 new jobs in IDA Ireland firms. Mentoring and management development programmes will be offered to 1,300 Irish firms this year while a national clustering initiative will be launched. “While clustering is an important strength of the Irish economy, particularly at regional level, research suggests that this can be significantly strengthened with specific initiatives,” the Department of Jobs said.
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A recent survey by the Irish Hotels Federation (IHF) revealed that approximately 90 per cent of hotels saw a boost to their business over the last 12 months, while most plan on upgrading during 2016. The Hotel Barometer survey showed that 92 per cent of hoteliers are planning to invest in refurbishment and product development over the next year. Over 60 per cent of respondents said they have hired new staff during 2015 while 57 per cent said they will hire more staff in 2016. Stephen McNally, President of the IHF, commented on how Ireland's record-breaking year in tourism has contributed to the increased business seen across the country. "2016 looks set to deliver further growth across our key markets such as Britain, North America and Europe - providing a further boost to hotels and guesthouses," he said. The IHF has said that the increase in tourism will create 40,000 new jobs in the industry by 2020.
7 Things You Need to Know About Employment in 2016 If employment rights and employment law left you in a daze over the last year and a half, know that you are not alone. It's true that there has been an unprecedented influx of employment rights and legislation since the initial introduction of employment legislation over a decade ago. Here's what you as an employer need to know about employment in 2016:
1. Workplace Relations Reform Employers who have been involved in employment tribunal hearings, know just how complex the process can be. One reason why it is so difficult, is because there are four different labour tribunal bodies, including Labour Court, Equality Tribunal, EAT and LRC. It is possible for one employee dispute to result in four tribunals. As of October 1, 2015, a new, streamlined system was introduced that saw all claims going through an initial hearing at the Workplace Relations Commissions. Appeals are moved to the Labour Court.
accrue annual leave. With this development, in addition to the increase in the national minimum wage, employers must be prepared for these additional costs.
4. Workplace Inspections The Workplace Relations Commission (WRC) will be taking over workplace inspections from the National Employment Rights Authority (NERA). In the event that an employer fails to comply with the collective redundancy consultation rules, or in issuing payslips or statements of their average hourly pay according to minimum wage rules, the WRC inspector may issue a fixed payment notice of up to â‚Ź2,000.
5. Collective Bargaining 2. The National Minimum Wage According to the October Budget, January saw the proposed increase of the current national minimum wage. Likewise, January 1 saw the formal introduction of the Low Pay Commission. Employers were advised to revise their budgets for 2016 and to make the required provisions for this and for the PRSI changes that are due to be introduced this year.
3. Accrual of Annual Leave August 1 saw the introduction of new rules regarding annual leave accrual. When an employee is on certified sick leave, they will still
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Employees received additional bargaining rights with the introduction of collective bargaining legislature in August last year. Some of the bargaining rights pertain to the lodging and enforcement of trade dispute claims.
6. Employment Regulation Orders (EROs), Registered Employment Agreements (REAs) & Joint Labour Committees (JLCs) It is recommended that industries that were previously governed by REAs or EROs keep their finger on the pulse of the latest developments. Recent legislation has allowed for new REAs and EROs to be drafted. Contract Cleaning and Security industries have been using the new EROs since October last year, and the Agricultural industry has reached advanced stages of negotiations to also use ERO.
7. Travelling for Work Remote employees and representatives are rejoicing at the
decision of the Court of Justice of the European Union to include travel time to their first meeting and back home at the end of their last appointment, be deemed as billable time, a principle that automatically applies to the public sector. How this will be applied to private sector employees by the Irish tribunals remains unclear.
Irish Food And Drink Exports Exceed €10.8 Billion For The First Time The value of Irish food and drink exports grew by approximately 3% in 2015, exceeding €10.8 billion for the first time, according to Bord Bia’s Export Performance and Prospects Report 2015/2016. 2015 was the Irish food and drink sector’s sixth consecutive year of export growth, with increased output in key sectors, favourable exchange rates and better returns for beef, seafood and beverages all helping to offset weakening global dairy prices. Beverages saw the most significant growth of 10%, with the category seeing particular gains from Irish whiskey, which grew by 18%. Irish beef exports grew by 6%, while seafood grew by 4%. Dairy exports also grew by 4% despite a difficult international market, buoyed by the strong performance of specialist nutrition powders, which grew by 25% overall and 40% in China alone. Bord Bia Chief Executive Aidan Cotter observed, "Irish food exporters registered record growth, increasing exports by some €355 million in a period when global food commodity prices declined by approximately 19%." He added that, "This year will present further opportunities for growth in most sectors notwithstanding challenges from continued global dairy price pressures through the early months of 2016." Minister for Agriculture, Food and the Marine Simon Coveney commented, "Irish producers and companies have yet again demonstrated in 2015 their ambition, innovativeness and ability to meet buyer and consumer needs in highly competitive and complex trading environments." Bord Bia has also published its new Statement of Strategy for 2016 to 2018, titled, Making a World of Difference. It sets out the key factors that will guide the agency’s activities in the period ahead, and features a renewed focus on routes to market and the importance of building its international presence.
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In The Spotlight Mikey Sheehy is a former Irish athlete. He played Gaelic football with his local club, Austin Stacks, and was a member of the Kerry senior inter-county team from 1974 until 1987. Sheehy is regarded as one of the greatest players of all-time. In 1984, the Gaelic Athletic Association centenary year, he was honoured by being named on their Football Team of the Century. In 1999, he was again honoured by the GAA by being named on their Gaelic Football Team of the Millennium. He is currently a selector for the Kerry team.
Q. HOW DO YOU MOTIVATE PLAYERS AND GET THEM TO BUY INTO THEIR ROLE ON THE TEAM EACH YEAR?
A. Motivation should really come from the individual players themselves and from within the squad. I think competition within a group, squad or organisation is a key motivator. Building that competition within the squad is what I would say. Q. HOW WOULD YOU DESCRIBE YOUR COACHING/MANAGEMENT STYLE?
A. I try to keep it as simple as possible. If the fundamentals are done correctly then the more focused training flows better. Q. DO YOU CONSIDER YOURSELF A MACRO/MICRO MANAGER?
A. Micro as my role is focused with the Kerry forwards. Q. WHAT COACHES, TEACHERS OR OTHER PEOPLE HAVE BEEN THE GREATEST INFLUENCE ON YOUR LIFE? AND WHY? OR HOW?
A. Mick O Dwyer - he believed in me, motivated me and instilled a work ethic in me that I possible lacked when I entered the Kerry panel. And of course my mother and father, they never pushed me but always guided me. Q. WHO IS YOUR GREATEST ROLE MODEL, EITHER PROFESSIONALLY OR PERSONALLY?
A. Alex Ferguson. Q. HAVE YOU READ ANY GOOD MANAGEMENT BOOKS OR AUTOBIOGRAPHIES FROM WHICH YOU HAVE GAINED INSIGHT?
A. Again, Alex Ferguson. A great insight into how he was on the verge of being cast aside by Man United right up to making them the most successful club in English football. Q. WHAT IS YOUR PHILOSOPHY ON DISCIPLINE?
A. The current crop of GAA players are professional in every way outside of being paid! That means discipline on and off the field is essential. Diet, training, work/life balance and personal sacrifice are part of the off the field discipline. On the field it must always be about playing on the edge and knowing the correct decisions to make. Q. WHAT IS THE MOST VALUABLE LESSON AS A COACH/MANAGER YOU HAVE LEARNED SO FAR?
A. Players must buy into the overall goals and aims of the squad. It's not an individual game. Q. BASED ON YOUR EXPERIENCE SO FAR, WHAT IS THE MOST VALUABLE PIECE OF MANAGERIAL/COACHING ADVICE YOU CAN GIVE?
A. It's very easy to be critical but not very productive. Q. HOW DO YOU KNOW WHEN YOU HAVE DELIVERED A GOOD QUALITY COACHING SESSION?
A. It's very rare that you would see a player down after a good, hard and productive training session. Players know when they are progressing and doing well, their reaction and feedback is key.
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Meet the Team John Slye FCPA
Seamus Cotter AITI, FCPA
Partner
Partner
John is the founding partner of the practice which was set up in 1981. He is based in the Tralee office. He specialises in business advice and support. John provides tax consultancy and business advisory services to an extensive portfolio of clients including retail, pharmaceutical, hospitality, medical, construction, farming and service industries. He offers innovative solutions regarding financial and succession planning. John is a qualified accountant and a Fellow of the Institute of Certified Public Accountants for over 30 years.
Neal Peevers, FCPA
Noel Fitzgerald CPA
Partner
Partner
Neal joined the partnership in 1984 and together with Noel Fitzgerald, he manages the Killorglin and Cahirciveen offices. Prior to this he worked in Dublin for many years, where he gained invaluable experience. He continues to operate a sub office in Dublin. He specialises in SME compliance and new business support and advice. He has extensive knowledge across many sectors including hospitality, construction, manufacturing, farming, medical etc. Neal is a Fellow of The Institute of Certified Public Accountants in Ireland for over 30 years.
Noel is a member of the Institute of Certified Public Accountants in Ireland and has been a qualified accountant since 1990. He is the audit compliance partner. He joined the practice in 2004, bringing with him an extensive knowledge of business development and management consultancy together with a diverse accountancy knowledge gained while working in a wide range of financial sectors. Noel qualified as an Insolvency Practitioner in 2012 and has undertaken a number of liquidation assignments in recent years.
Michael Daly
Francis Moriarty FCA, AITI
Limerick Branch Manager
Director of Taxation
Michael qualified as an accountant in 1981. He joined the practice in 2011 and brought with him a wealth of knowledge in the areas of auditing, accounting and taxation. He developed and is responsible for our corporate finance department. He has extensive experience in advising clients in areas such as bank and investment fundraising, debt restructuring, state aid and investment packages and business restructuring and insolvency. Although based in our Limerick office he regularly attends all of our offices to provide these specialised services throughout the firm.
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Seamus is a qualified accountant and tax advisor with over 25 years’ experience and is based in Tralee. He joined the practice in 2000 having previously worked at a managerial level in a large nationwide practice. He manages an extensive portfolio of clients across many different sectors. He specialises in providing business advisory, tax planning, financial reporting and accounting services to our broad range of small and medium enterprise clients. Seamus is a Fellow of the Institute of Certified Public Accountants and an Associate of the Irish Taxation Institute.
Francis heads up the Taxation department - PSC Taxation Services. This is a leading tax company that advises both companies and individuals. Francis is a highly experienced tax professional who advises clients in all areas of tax and has particular expertise in the areas of tax planning for privately owned companies; succession and retirement planning; and property transactions. Francis is a member of both Chartered Accountants Ireland and the Irish Tax Institute. Prior to taking up his current role, Francis worked as Tax Director in KPMG for 16 years.
Siobhán Rivas May FCA
John Fitzgerald AITA, FCA
Director of Auditing
AUDIT SENIOR – KILLORGLIN
Siobhán is a DCU graduate, where she obtained an honours degree in Accounting and Finance. She qualified as a Chartered Accountant in 2002 having completed her training with PWC. She then took up a senior accounting role in a multinational company for 2 years prior to joining the practice. Siobhán has extensive experience across a wide range of industries. She heads up the auditing division and specialises in the provision of audit, accounting and assurance services to medium to large sized companies, charities and owner managed businesses in all sectors of industry.
John graduated with a Bachelor of Commerce (Hons) degree from NUIG and qualified as a Chartered Accountant with a top ten accountancy practice in the midlands. On joining PSC in 2005, he became an associate with the Irish Taxation Institute. He works in the audit and accounts department and leads a number of assignments for large companies and SMEs within a wide variety of industries. He also provides financial and tax planning advice for a number of clients with particular emphasis on reviewing strategies to assist clients in reaching their goals.
Colette Laide
Deborah Flynn
Office Manager - Tralee
Office Manager - Killorglin
Colette has also been with the practice since its inception. She is involved in most aspects of the office. In addition to managing the office, she has extensive knowledge of bookkeeping and compliance. She oversees a department which provides efficient bookkeeping, VAT, payroll, RCT and other services to a diverse range of clients. Over the years she has gained experience in dealing with the Revenue, Department of Social Protection etc. on behalf of our clients. She works closely with clients to ensure that their affairs are dealt with in a timely manner.
Deborah has been with the practice in Killorglin since 1984. She manages the office while at the same time provides a seamless bookkeeping service, including VAT, payroll and RCT to a large portfolio of clients. She has gained vast experience over the years in dealing with the Revenue and other regulatory bodies. She has developed a very close working relationship with our clients in order to ensure their accounting needs are met. Her portfolio of clients covers a broad range which includes farming, construction, pharmaceutical, retail, services and more.
Phyllis Mason
Phyllis Blacklaw
Company Secretarial Manager - Tralee
Company Secretarial Manager - Killorglin
Phyllis has been with the practice since its inception. She has been involved in almost every aspect of the office and for the past number of years has specialised in company law. She manages the company secretarial department in Tralee which provides compliance and other company secretarial services to an extensive client listing. Phyllis ensures that all our clients filing and reporting deadlines are met while also keeping up to date with the latest legislative changes. Phyllis also has extensive knowledge in the preparation and audit of financial statements.
Phyllis joined the practice in 1997 after gaining extensive experience from her previous roles, including multinational companies. She is based in the Killorglin office and works in all aspects of audit and accounting but has specialised in company law. She manages a large portfolio of clients and provides compliance and company secretarial services to them. Phyllis ensures that all our clients’ company law filing and reporting deadlines are met while also keeping up to date with the latest legislative changes. Phyllis also works closely with clients to assist them with internal control procedures, system updates and financial planning.
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Range of Services Audit, Accounting and Assurance
Company Secretarial
• • • • • • •
• • • • • • • •
Preparation of financial statements Systems Analysis Audit exemption Pension Planning Grant applications Financial projections Management accounts
Taxation • • • • • • • •
Personal Tax Compliance & Planning Succession Planning Corporation Tax Compliance CGT & CAT compliance Property Transactions Tax incentive schemes Employer Related Tax Returns International tax issues
Bookkeeping & Payroll Services • Legislative Compliance, including: VAT returns PAYE Returns P35 Returns & P60s Relevant Contracts Tax • Revenue audits & investigations • Maintaining book & records
Kerry Tralee Riverside House Dan Spring Road Tralee Co. Kerry Phone: +353 66 7126333 Fax: +353 66 7124546 Email: info@psc.ie
Kerry Killorglin / Caherciveen Beech Tree House Market Street Killorglin Co. Kerry Phone: +353 66 9761275 Fax: +353 66 9761960 Email: info@psc.ie
Company Incorporation Registration of business names Annual return compliance Maintenance of statutory books Changes in directors, secretary or address Registered Office and Secretary services Restoring companies to the register Completion of voluntary strike off
Corporate Finance, Recovery & Insolvency • • • • • • • •
Financial Review and Personal Debt Solutions Independent Business Reviews Statement of affairs Strategic & Business Planning Corporate recovery & insolvency Refinancing/Debt Negotiation Liaising with financial institutions Forensic Accounting & Liquidations
Business Start Ups • • • • • •
Advice on most tax efficient structures Advice on maintaining books & records Compliance duties, Revenue & Companies Office Business Plan & cash flow projections Liaising with financial institutions Advice on accounting software
Limerick Cresent House Hartstonge Street Limerick Phone: +353 61 319603 Fax: +353 61 319541 Email: info@psc.ie
http://www.psc.ie/